X - M ~ 5% (too small to take into account for macroeconomic purposes)

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Co-movement: Cyclicality, Variability, Timing

Real Variables:

Consumption

Cyclicality: pro-cyclical (correlation coefficient: 0.76)

Variability: less variable than GDP (standard deviation measure: 75.9% which makes it 3/4 as variable as GDP, this effectively means that the GDP peaks and throughs are 1/4 larger those of consumption)

Timing: no clear lead/lag

Investment

Cyclicality: pro-cyclical (correlation coefficient 0.84)

Variability: much more variable (standard deviation measure: 478.9%, nearly 5 times that of GDP: far more volatile)